Once the contractor has been qualified and the project is ready to kick off, communication is the key to getting it out of the gates. The preconstruction meeting will familiarize the team with lender requirements for the draw process. This meeting will include the owner, lender, the general contractor and a representative from CRM and will layout procedures and expectations as well as answer any questions that may slow down the first, or subsequent, applications.
The basic construction draw inspection will give you confidence that the contractor isn’t overbilling for the project and is progressing in line with the construction schedule. A review of the contractors pay application is compared to the work in place at the time of the site inspection. A standard report will address any issues with the application, site photographs, a narrative of work completed, comments regarding schedule and progress, and our recommendations.
Lien Waiver Tracking
As a supplement to the construction draw inspection, lien waiver tracking will give you additional peace of mind. Lien waiver tracking will give the lender a summary of the waivers received from subcontractors and suppliers as compared to the value of their contracts and payments to date.
Funds control is implemented when full project oversight is desired by the lending institution. Funds control is an added element that supplements the draw inspections and lien waiver tracking. CRM reviews for approval the pay application and contractors’ funds disbursement as well as any back up documentation. Once approved, a list of payees will be supplied to the lender who can write the checks or transfer the approved amount to CRM who will then write the checks to the subcontractors, suppliers and general contractor.
Enhanced monitoring is a fully customizable solution to aid on projects where there are concerns about contractor capabilities. Enhanced monitoring was developed in response to some owners insistence to use contractors that may not have experience in projects of similar scope. This program is designed to help the contactor keep in front of the construction process while providing a level of confidence to the lender.
Enhanced monitoring can be utilized in addition to any of the monitoring programs we offer.
CRM has an FAA certified drone pilot on staff and can offer up drone photography to any inspection or as a standalone portfolio supplement. Drone photography is available in airspace where allowable by the FAA.